Another key test of Greeks' resolve to secure bailout

Updated on: July 22, 2015 / 5:40 AM
/ CBS/AP

ATHENS, Greece -- Greece's parliament has begun an emergency debate on a second round of conditions demanded by international creditors for a new bailout - a vote that could threaten the coalition government.

Lawmakers late Wednesday will vote on judicial and banking reforms set as a requirement by other Eurozone countries for a third Greek rescue package worth 85 billion euros ($93 billion).

Tsipras has imposed a tough new round of austerity measures this month and needs to conclude the bailout negotiations before Aug. 20, when Greece must repay loans worth more than 3 billion euros ($3.3 billion) to the European Central Bank.

Greece reaches preliminary deal to avoid bankruptcy

The recent crisis has been hard on the Greek population. On Monday, Greek banks opened their doors for the first time in three weeks following the approval of a three-month 7.16 billion euro loan ($7.8 billion) sent to Athens in order to repay the European Central Bank and clear arrears with the International Monetary Fund.

As part of a deal to secure the loan, sales tax in the country has risen from 13 to 23 percent on many basic necessities such as some meat, coffee, salt, towels, oil and firewood.

But although the daily cash withdrawal limit for ATMs stayed at 60 euros ($65), the government has given individuals a new weekly limit of 420 euros ($455) from this coming Sunday so citizens won't need to make daily trips to an ATM.